This article addresses how Turkish citizenship is obtained through the bank deposit, its terms and procedures, the required documents, and the required time to obtain it.

Acquisition of Turkish citizenship through a bank deposit

Turkey is a capital destination, both for investment and for investment benefits, and has become a focus of attention for those seeking another nationality. Turkey has provided access to Turkish citizenship in many ways, including bank deposits. This has led investors and money owners to ask about the bank deposit in Turkey, because it is of great importance to investors, businessmen and residents, and in instilling advice, we give you everything in terms of obtaining citizenship through the bank deposit.

Conditions for obtaining Turkish citizenship through the bank deposit

A bank deposit in Turkey for Turkish citizenship requires certain conditions, namely, that the minimum deposit in an account at a Turkish bank is $500,000 or equivalent in other currencies, the amount has fallen from $3 million to $500,000, provided that the deposit is not withdrawn for a minimum of three years from the date of application.

Read more: Turkish citizenship through buying stock

Steps to acquire citizenship through bank deposits in Turkey

The following steps are necessary for those who apply Turkish citizenship through a bank deposit:

  • Opening a bank account under the applicant’s name for Turkish citizenship in a bank operating in Turkey.
  • A deposit of at least $500,000 or the equivalent of other currencies.
  • The signing of the three-year reservation statement.
  • Obtaining a report from the Banking Regulatory and Control Authority of Turkey in order to match the amount deposited for the submission of Turkish citizenship, which takes about 10 days.
  • Applying for an investor's residence permit.
  • Prepare the documents for your file with the family and submit them to the Population Department in Turkey.

Bank deposit
Necessary documents to apply for Turkish citizenship through the bank deposit

  1. Birth certificate or individual registration... etc.) for the investor, his wife and their children under 18 years of age, certified assets.
  2. Certificate of civil status of the investor (marriage contract or bachelor document... etc.) issued by his country, which holds his passport, certified assets.
  3. Certified translation of the passports of the investor and family members included in the file.
  4. 04 Biometric photographs of the investor and family members included (for each).

Note: Additional documents may be requested by the Bureau of Naturalization in special cases, and there are several ways in which the documents can be certified as originals, as follows:

  1. Ratification of the document by international ratification (apostil) is recognized in Turkey and exists in several countries, such as Europe, Morocco, and the Sultanate of Oman, and is sufficient for the use of documents in Turkey.
  2. Ratification by the Ministry of Foreign Affairs of the source country of the document, then the Turkish embassy or consulate there.
  3. Ratification of the document by the Ministry of Foreign Affairs of the exporting country, followed by ratification by the embassy or consulate of the same country in Turkey.
  4. Follow up the citizenship file in Turkey and conduct the necessary interviews. The investor is given a number to follow up the application through a citizenship website.
  5. Granting a special delegation to a lawyer to conduct the treatment of nationality.

What is the duration of the acquisition of the Turkish Deposit of Banks?

The operation of the application for citizenship through the bank deposit is linked to the documents submitted. The information and documents submitted in the applications for nationality must not be incomplete, but if the information and documents are complete, nationality usually does not take long, up to two months from the date of the application.

During the deposit at the bank, does the depositor get any profits?

A bank deposit is the placement of sums of money in a Turkish bank for a certain profit, or simply for a non-profitable deposit, and may freely benefit from all types of proceeds provided that the deposit is not less than $500.000, depending on the type of open bank account and the agreement between you and the bank concerned.

What are the profits granted by the Islamic Bank for the deposit of the amount of Turkish citizenship?

Islamic banks offer profits of 17% if the amount is deposited in the Turkish lira, and if the amount is deposited in the United States dollar, the percentage of profits is only 3%, which varies according to the bank concerned.

Does the holder of Turkish citizenship under the bank deposit be considered a second-class citizen?

No, all the political, civil, social and economic rights guaranteed by the Turkish Constitution to Turkish citizens, including the right to vote, to stand for election, to hold public office and to work, the right to own property, to motor vehicles and to move freely within Turkey, the right to review personal identities and passports, to register births and deaths and to review the competent courts of all kinds.


Turkish citizenship through a bank deposit

Does the amount have to be deposited in United States dollars or can it be deposited in local currency?

The value of $500,000, or its equivalent, can be deposited in Turkish lire, precious metals, or in a convertible foreign currency designated by the Central Bank of Turkey. It is sufficient that the value is in convertible currency equivalent to $500.000, and in case of deposit in banks in a currency other than the US dollar, the value of the US dollar is determined by the exchange rate of the dollar by the Central Bank of Turkey on the date of deposit with a view to obtaining citizenship.

For example, the exchange rate of 1 US dollar amounted to 5.30 Turkish lira as at the date of 06.12.2020 when the amount was deposited into a bank account with a value of $500.000 and equivalent to 2.650.0000 Turkish lire, where the value of the said bank account must not be less than 2.650.0000 Turkish lira, and during the duration of the deposit the currency exchange rate will not be taken into account.

Services of Gars Consulting Company to acquire Turkish citizenship through the bank deposit

For anyone who wishes to acquire Turkish citizenship through the bank deposit, Gars Consulting Company offers its accumulated experience so that the dream of Turkish citizenship becomes a reality for our generous clients.

Gars Consulting Company has proudly handled hundreds of files whose owners acquired Turkish citizenship through bank deposits, as soon as possible, you can now communicate with us to see how you can obtain Turkish citizenship through bank deposits.

 

Edited by Gars Consulting Company

Proving the existence of Ottoman origin is one of the ways through which the Turkish law grants the right of obtaining Turkish citizenship, which is issued in a period between six months to one year from the application date after proving the existence of an Ottoman origin or proving affiliation to any Turkish origin whether grandfather, grandmother, father, or mother using any birth certificate document or a military certificate, after that you need to obtain a Turkish government document called (Ottoman Origins Document).

Some foreigners can obtain Turkish citizenship in some exceptional cases, if they do not pose a threat to national security and do not threaten public order, such as:

  • Everyone who contributes and is expected to contribute to the effective and fundamental development of industry, technology, economic, social science, art, and sports.
  • People who are believed that they must obtain Turkish citizenship.
  • People who have been accepted as refugees.

Generally speaking, Turkish citizenship and the Turkish passport can be obtained in several ways, some of which fall under the investment clause, others fall under the clause, in addition to other situations through which the Turkish citizenship can be acquired.

  1. Obtaining Turkish citizenship through investment according to one of the following items:
  • Real estate ownership
  • Financial deposit
  • Investing in Turkey
  • Hiring 50 Turkish citizens.
  1. Obtaining Turkish citizenship through marriage or lineage
  2. Other situations for obtaining Turkish citizenship
  • Residence in Turkey with a 5-years work permit period
  • Exceptional nationality which is usually granted to certain people like those with university certificate of who came to Turkey and live in it.

The Turkish passport is one of the strongest passports in the world, and while so many countries require a visa, they grant it for the holders of Turkish citizenship with easy terms. The Turkish passport holder can travel to more than 80 countries with a Turkish passport without a visa, or with a visa issued upon arrival at the airport.

What are the requirements for Turkish citizenship?

The conditions for obtaining Turkish citizenship differ based on the different cases that lead to it such as real estate investment, shares investment, employing Turkish employees, etc... but they all have these conditions in common:

  1. The person must be of one of the nationalities allowed to benefit from the Citizenship Law.
  2. The person must be an adult.
  3. The person must adhere to the provisions of the Citizenship Law and its details that fall under it.
  4. The person must be free of serious infectious diseases.
  5. The person must have a clean criminal record.

Briefly, applying for Turkish citizenship and the stages of obtaining it are seven stages, but they can be summarized in the following four points:

Submitting the citizenship application request to the competent authority such as the investment office for investors and the Population Department for in case of marrying a Turkish person; after preparing the required documents and papers according to the case (investment, real estate ownership, Turkish origin...).

Then the request is transferred to the Population Department for necessary action.

The study and security research stage.

The decision-making stage.

The conditions for obtaining a Turkish passport and obtaining Turkish citizenship differ according to the different ways that lead to obtaining the citizenship (real estate investment - shares investment - employment Turkish citizens...), and these conditions all have these items in common:

The person is of one of the nationalities allowed to benefit from the nationality law.

The person must be an adult.

Adherence to the provisions of the Nationality Law and the details it falls under them.

The person should have no serious infectious diseases.

Clean criminal record.

According to the decision of granting Turkish citizenship to investors that was issued in 2018, obtaining Turkish citizenship in exchange for a real estate investment worth only $250,000 has become possible, the decision specified buying a property worth $250,000 at least and not selling it for three years; instead of one million US dollars in the previous decision, and according to the real estate ownership law, the owner has the right to apply for Turkish citizenship.

You can also obtain a Turkish passport by:

1.Investing in Turkey with a value of 500 thousand dollars.

2.Depositing $500,000 in a Turkish bank for 3 years.

3.Buying shares of government bonds worth $500,000.

4.Employing 50 Turkish citizens.

5.Turkish citizenship by residence permit for 5 years.

6.Turkish citizenship by marrying a Turkish person.

  1. Turkish citizenship by proofing Turkish origins.

Right now, the Turkish passport holder can enter the following European countries: Ukraine, Belarus, Moldova, Bosnia and Herzegovina, Serbia, Albania, Macedonia, and Montenegro, and if Turkey joins the European Union, the option to enter European countries will be available of course.

The Turkish passport is one of the strongest passports in the world, and many of the countries that require visa grant holders of Turkish passport the visa with easy conditions.

The Turkish passport allows its holder to enter more than 43 countries without being required to obtain a visa in advance, including Qatar, Tunisia, Jordan, Iraq, Morocco, Japan, South Korea, Malaysia, Singapore, Hong Kong, Indonesia, Brazil, Argentina, Belarus, Bosnia and Herzegovina, Chile, Colombia, Ecuador, El Salvador, Georgia, Paraguay, Serbia, South Africa, Thailand, Northern Cyprus, Ukraine, Uruguay.

The Turkish passport holder can also enter more than 40 countries with a visa issued upon arrival, the most important of which are: Kuwait, Bahrain, Lebanon, Sudan, and most African countries, in addition to three countries that issue an electronic visa online, they are Ivory Coast, Jamaica, and Mexico.

In 2020, the Turkish passport was ranked 24th in the world after the Corona pandemic, recording 86 points on the passport index, it allows its holder to enter more than 40 countries without obtaining an entry visa in advance, and holders of Turkish passport can enter more than 40 countries with an entry visa issued upon arrival, and more than three countries grant the Turkish passport holder an electronic entry visa online. It is expected that the Turkish passport will return to its rank after Corona which removed it from its previous position slightly.



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